Real estate investment in Cape Verde is secure and legal. From 1991, Cape Verde has been a Multi-party Presidential Democratic Republic. Law 527 of December 29th 1999, constituted and agreement between the government of the Italian Republic and the government of the Republic of Cape Verde, providing for the promotion and protection of foreign investment (published in the official journal on 18 January 2000). This law guaranteed the rights to land and property ownership for all Italian citizens in Cape Verde (it was later extended to all citizens of the European community). Cape Verde is a catholic country.
The costs and taxes in Cape Verde are as follows:
- Notary Public and Registry taxes, payable at contract – around 2-4% of value of property
- SISA tax, around 3% of the value of the property, payable at Notary Public
- The SISA tax is only payable at Notary Public, the following year you must pay a tax of around 0,175% of the value of the property.
The law passed in Praia, no. 19/5/96, on December 30th, stabilized the conditions for the authorization of permanent residency in Cape Verde, for retired foreign citizens. The conditions are
- A monthly income of over 130,000 escudos (approx 1179 €)
- To be able to take care of oneself.
- To not have been imprisoned for more than two years.
- To respect the laws and customs of the country.
- To be able to demonstrate the means to sustain themselves in Cape Verde (residency).
- To have private medical insurance.
- The authorization for permanent residency is extendable to spouses and minor dependents.
Laws and exemptions regarding permanent residency:The right to import a means of personal transport, furniture and personal objects, free of any taxes or duties.Exemptions from SISA tax payments for the purpose of purchasing a property.The right to enjoy status of a foreign investor, in terms of CV legislation and investments made in CV.